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Tax Form For College Students

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Tax Form For College Students

Tax form for college students 1. Tax form for college students   Rental Income and Expenses (If No Personal Use of Dwelling) Table of Contents Rental IncomeWhen To Report Types of Income Rental ExpensesWhen To Deduct Types of Expenses This chapter discusses the various types of rental income and expenses for a residential rental activity with no personal use of the dwelling. Tax form for college students Generally, each year you will report all income and deduct all out-of-pocket expenses in full. Tax form for college students The deduction to recover the cost of your rental property—depreciation—is taken over a prescribed number of years, and is discussed in chapter 2, Depreciation of Rental Property. Tax form for college students If your rental income is from property you also use personally or rent to someone at less than a fair rental price, first read the information in chapter 5 , Personal Use of Dwelling Unit (Including Vacation Home). Tax form for college students Rental Income In most cases, you must include in your gross income all amounts you receive as rent. Tax form for college students Rental income is any payment you receive for the use or occupation of property. Tax form for college students In addition to amounts you receive as normal rental payments, there are other amounts that may be rental income. Tax form for college students When To Report When you report rental income on your tax return generally depends on whether you are a cash basis taxpayer or use an accrual method. Tax form for college students Most individual taxpayers use the cash method. Tax form for college students Cash method. Tax form for college students   You are a cash basis taxpayer if you report income on your return in the year you actually or constructively receive it, regardless of when it was earned. Tax form for college students You constructively receive income when it is made available to you, for example, by being credited to your bank account. Tax form for college students Accrual method. Tax form for college students    If you are an accrual basis taxpayer, you generally report income when you earn it, rather than when you receive it. Tax form for college students You generally deduct your expenses when you incur them, rather than when you pay them. Tax form for college students More information. Tax form for college students   See Publication 538, Accounting Periods and Methods, for more information about when you constructively receive income and accrual methods of accounting. Tax form for college students Types of Income The following are common types of rental income. Tax form for college students Advance rent. Tax form for college students   Advance rent is any amount you receive before the period that it covers. Tax form for college students Include advance rent in your rental income in the year you receive it regardless of the period covered or the method of accounting you use. Tax form for college students Example. Tax form for college students On March 18, 2013, you signed a 10-year lease to rent your property. Tax form for college students During 2013, you received $9,600 for the first year's rent and $9,600 as rent for the last year of the lease. Tax form for college students You must include $19,200 in your rental income in the first year. Tax form for college students Canceling a lease. Tax form for college students   If your tenant pays you to cancel a lease, the amount you receive is rent. Tax form for college students Include the payment in your income in the year you receive it regardless of your method of accounting. Tax form for college students Expenses paid by tenant. Tax form for college students   If your tenant pays any of your expenses, those payments are rental income. Tax form for college students Because you must include this amount in income, you can also deduct the expenses if they are deductible rental expenses. Tax form for college students For more information, see Rental Expenses , later. Tax form for college students Example 1. Tax form for college students Your tenant pays the water and sewage bill for your rental property and deducts the amount from the normal rent payment. Tax form for college students Under the terms of the lease, your tenant does not have to pay this bill. Tax form for college students Include the utility bill paid by the tenant and any amount received as a rent payment in your rental income. Tax form for college students You can deduct the utility payment made by your tenant as a rental expense. Tax form for college students Example 2. Tax form for college students While you are out of town, the furnace in your rental property stops working. Tax form for college students Your tenant pays for the necessary repairs and deducts the repair bill from the rent payment. Tax form for college students Include the repair bill paid by the tenant and any amount received as a rent payment in your rental income. Tax form for college students You can deduct the repair payment made by your tenant as a rental expense. Tax form for college students Property or services. Tax form for college students   If you receive property or services as rent, instead of money, include the fair market value of the property or services in your rental income. Tax form for college students   If the services are provided at an agreed upon or specified price, that price is the fair market value unless there is evidence to the contrary. Tax form for college students Example. Tax form for college students Your tenant is a house painter. Tax form for college students He offers to paint your rental property instead of paying 2 months rent. Tax form for college students You accept his offer. Tax form for college students Include in your rental income the amount the tenant would have paid for 2 months rent. Tax form for college students You can deduct that same amount as a rental expense for painting your property. Tax form for college students Security deposits. Tax form for college students   Do not include a security deposit in your income when you receive it if you plan to return it to your tenant at the end of the lease. Tax form for college students But if you keep part or all of the security deposit during any year because your tenant does not live up to the terms of the lease, include the amount you keep in your income in that year. Tax form for college students    If an amount called a security deposit is to be used as a final payment of rent, it is advance rent. Tax form for college students Include it in your income when you receive it. Tax form for college students Other Sources of Rental Income Lease with option to buy. Tax form for college students   If the rental agreement gives your tenant the right to buy your rental property, the payments you receive under the agreement are generally rental income. Tax form for college students If your tenant exercises the right to buy the property, the payments you receive for the period after the date of sale are considered part of the selling price. Tax form for college students Part interest. Tax form for college students   If you own a part interest in rental property, you must report your part of the rental income from the property. Tax form for college students Rental of property also used as your home. Tax form for college students   If you rent property that you also use as your home and you rent it less than 15 days during the tax year, do not include the rent you receive in your income and do not deduct rental expenses. Tax form for college students However, you can deduct on Schedule A (Form 1040), Itemized Deductions, the interest, taxes, and casualty and theft losses that are allowed for nonrental property. Tax form for college students See chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Tax form for college students Rental Expenses In most cases, the expenses of renting your property, such as maintenance, insurance, taxes, and interest, can be deducted from your rental income. Tax form for college students Personal use of rental property. Tax form for college students   If you sometimes use your rental property for personal purposes, you must divide your expenses between rental and personal use. Tax form for college students Also, your rental expense deductions may be limited. Tax form for college students See chapter 5, Personal Use of Dwelling Unit (Including Vacation Home). Tax form for college students Part interest. Tax form for college students   If you own a part interest in rental property, you can deduct expenses you paid according to your percentage of ownership. Tax form for college students Example. Tax form for college students Roger owns a one-half undivided interest in a rental house. Tax form for college students Last year he paid $968 for necessary repairs on the property. Tax form for college students Roger can deduct $484 (50% × $968) as a rental expense. Tax form for college students He is entitled to reimbursement for the remaining half from the co-owner. Tax form for college students When To Deduct You generally deduct your rental expenses in the year you pay them. Tax form for college students If you use the accrual method, see Publication 538 for more information. Tax form for college students Types of Expenses Listed below are the most common rental expenses. Tax form for college students Advertising. Tax form for college students Auto and travel expenses. Tax form for college students Cleaning and maintenance. Tax form for college students Commissions. Tax form for college students Depreciation. Tax form for college students Insurance. Tax form for college students Interest (other). Tax form for college students Legal and other professional fees. Tax form for college students Local transportation expenses. Tax form for college students Management fees. Tax form for college students Mortgage interest paid to banks, etc. Tax form for college students Points. Tax form for college students Rental payments. Tax form for college students Repairs. Tax form for college students Taxes. Tax form for college students Utilities. Tax form for college students Some of these expenses, as well as other less common ones, are discussed below. Tax form for college students Depreciation. Tax form for college students   Depreciation is a capital expense. Tax form for college students It is the mechanism for recovering your cost in an income producing property and must be taken over the expected life of the property. Tax form for college students   You can begin to depreciate rental property when it is ready and available for rent. Tax form for college students See Placed in Service under When Does Depreciation Begin and End in chapter 2. Tax form for college students Insurance premiums paid in advance. Tax form for college students   If you pay an insurance premium for more than one year in advance, for each year of coverage you can deduct the part of the premium payment that will apply to that year. Tax form for college students You cannot deduct the total premium in the year you pay it. Tax form for college students See chapter 6 of Publication 535 for information on deductible premiums. Tax form for college students Interest expense. Tax form for college students   You can deduct mortgage interest you pay on your rental property. Tax form for college students When you refinance a rental property for more than the previous outstanding balance, the portion of the interest allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. Tax form for college students Chapter 4 of Publication 535 explains mortgage interest in detail. Tax form for college students Expenses paid to obtain a mortgage. Tax form for college students   Certain expenses you pay to obtain a mortgage on your rental property cannot be deducted as interest. Tax form for college students These expenses, which include mortgage commissions, abstract fees, and recording fees, are capital expenses that are part of your basis in the property. Tax form for college students Form 1098, Mortgage Interest Statement. Tax form for college students   If you paid $600 or more of mortgage interest on your rental property to any one person, you should receive a Form 1098 or similar statement showing the interest you paid for the year. Tax form for college students If you and at least one other person (other than your spouse if you file a joint return) were liable for, and paid interest on, the mortgage, and the other person received the Form 1098, report your share of the interest on Schedule E (Form 1040), line 13. Tax form for college students Attach a statement to your return showing the name and address of the other person. Tax form for college students On the dotted line next to line 13, enter “See attached. Tax form for college students ” Legal and other professional fees. Tax form for college students   You can deduct, as a rental expense, legal and other professional expenses such as tax return preparation fees you paid to prepare Schedule E, Part I. Tax form for college students For example, on your 2013 Schedule E you can deduct fees paid in 2013 to prepare Part I of your 2012 Schedule E. Tax form for college students You can also deduct, as a rental expense, any expense (other than federal taxes and penalties) you paid to resolve a tax underpayment related to your rental activities. Tax form for college students Local benefit taxes. Tax form for college students   In most cases, you cannot deduct charges for local benefits that increase the value of your property, such as charges for putting in streets, sidewalks, or water and sewer systems. Tax form for college students These charges are nondepreciable capital expenditures and must be added to the basis of your property. Tax form for college students However, you can deduct local benefit taxes that are for maintaining, repairing, or paying interest charges for the benefits. Tax form for college students Local transportation expenses. Tax form for college students   You may be able to deduct your ordinary and necessary local transportation expenses if you incur them to collect rental income or to manage, conserve, or maintain your rental property. Tax form for college students However, transportation expenses incurred to travel between your home and a rental property generally constitute nondeductible commuting costs unless you use your home as your principal place of business. Tax form for college students See Publication 587, Business Use of Your Home, for information on determining if your home office qualifies as a principal place of business. Tax form for college students   Generally, if you use your personal car, pickup truck, or light van for rental activities, you can deduct the expenses using one of two methods: actual expenses or the standard mileage rate. Tax form for college students For 2013, the standard mileage rate for business use is 56. Tax form for college students 5 cents per mile. Tax form for college students For more information, see chapter 4 of Publication 463. Tax form for college students    To deduct car expenses under either method, you must keep records that follow the rules in chapter 5 of Publication 463. Tax form for college students In addition, you must complete Form 4562, Part V, and attach it to your tax return. Tax form for college students Pre-rental expenses. Tax form for college students   You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property from the time you make it available for rent. Tax form for college students Rental of equipment. Tax form for college students   You can deduct the rent you pay for equipment that you use for rental purposes. Tax form for college students However, in some cases, lease contracts are actually purchase contracts. Tax form for college students If so, you cannot deduct these payments. Tax form for college students You can recover the cost of purchased equipment through depreciation. Tax form for college students Rental of property. Tax form for college students   You can deduct the rent you pay for property that you use for rental purposes. Tax form for college students If you buy a leasehold for rental purposes, you can deduct an equal part of the cost each year over the term of the lease. Tax form for college students Travel expenses. Tax form for college students   You can deduct the ordinary and necessary expenses of traveling away from home if the primary purpose of the trip is to collect rental income or to manage, conserve, or maintain your rental property. Tax form for college students You must properly allocate your expenses between rental and nonrental activities. Tax form for college students You cannot deduct the cost of traveling away from home if the primary purpose of the trip is to improve the property. Tax form for college students The cost of improvements is recovered by taking depreciation. Tax form for college students For information on travel expenses, see chapter 1 of Publication 463. Tax form for college students    To deduct travel expenses, you must keep records that follow the rules in chapter 5 of Publication 463. Tax form for college students Uncollected rent. Tax form for college students   If you are a cash basis taxpayer, do not deduct uncollected rent. Tax form for college students Because you have not included it in your income, it is not deductible. Tax form for college students   If you use an accrual method, report income when you earn it. Tax form for college students If you are unable to collect the rent, you may be able to deduct it as a business bad debt. Tax form for college students See chapter 10 of Publication 535 for more information about business bad debts. Tax form for college students Vacant rental property. Tax form for college students   If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. Tax form for college students However, you cannot deduct any loss of rental income for the period the property is vacant. Tax form for college students Vacant while listed for sale. Tax form for college students   If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. Tax form for college students If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses. Tax form for college students Points The term “points” is often used to describe some of the charges paid, or treated as paid, by a borrower to take out a loan or a mortgage. Tax form for college students These charges are also called loan origination fees, maximum loan charges, or premium charges. Tax form for college students Any of these charges (points) that are solely for the use of money are interest. Tax form for college students Because points are prepaid interest, you generally cannot deduct the full amount in the year paid, but must deduct the interest over the term of the loan. Tax form for college students The method used to figure the amount of points you can deduct each year follows the original issue discount (OID) rules. Tax form for college students In this case, points are equivalent to OID, which is the difference between: The amount borrowed (redemption price at maturity, or principal) and The proceeds (issue price). Tax form for college students The first step is to determine whether your total OID (which you may have on bonds or other investments in addition to the mortgage loan), including the OID resulting from the points, is insignificant or de minimis. Tax form for college students If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct. Tax form for college students De minimis OID. Tax form for college students   The OID is de minimis if it is less than one-fourth of 1% (. Tax form for college students 0025) of the stated redemption price at maturity (principal amount of the loan) multiplied by the number of full years from the date of original issue to maturity (term of the loan). Tax form for college students   If the OID is de minimis, you can choose one of the following ways to figure the amount of points you can deduct each year. Tax form for college students On a constant-yield basis over the term of the loan. Tax form for college students On a straight line basis over the term of the loan. Tax form for college students In proportion to stated interest payments. Tax form for college students In its entirety at maturity of the loan. Tax form for college students You make this choice by deducting the OID (points) in a manner consistent with the method chosen on your timely filed tax return for the tax year in which the loan is issued. Tax form for college students Example. Tax form for college students Carol Madison took out a $100,000 mortgage loan on January 1, 2013, to buy a house she will use as a rental during 2013. Tax form for college students The loan is to be repaid over 30 years. Tax form for college students During 2013, Carol paid $10,000 of mortgage interest (stated interest) to the lender. Tax form for college students When the loan was made, she paid $1,500 in points to the lender. Tax form for college students The points reduced the principal amount of the loan from $100,000 to $98,500, resulting in $1,500 of OID. Tax form for college students Carol determines that the points (OID) she paid are de minimis based on the following computation. Tax form for college students Redemption price at maturity (principal amount of the loan) $100,000 Multiplied by: The term of the  loan in complete years ×30 Multiplied by ×. Tax form for college students 0025 De minimis amount $7,500 The points (OID) she paid ($1,500) are less than the de minimis amount ($7,500). Tax form for college students Therefore, Carol has de minimis OID and she can choose one of the four ways discussed earlier to figure the amount she can deduct each year. Tax form for college students Under the straight line method, she can deduct $50 each year for 30 years. Tax form for college students Constant-yield method. Tax form for college students   If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct each year. Tax form for college students   You figure your deduction for the first year in the following manner. Tax form for college students Determine the issue price of the loan. Tax form for college students If you paid points on the loan, the issue price generally is the difference between the principal and the points. Tax form for college students Multiply the result in (1) by the yield to maturity (defined later). Tax form for college students Subtract any qualified stated interest payments (defined later) from the result in (2). Tax form for college students This is the OID you can deduct in the first year. Tax form for college students Yield to maturity (YTM). Tax form for college students   This rate is generally shown in the literature you receive from your lender. Tax form for college students If you do not have this information, consult your lender or tax advisor. Tax form for college students In general, the YTM is the discount rate that, when used in computing the present value of all principal and interest payments, produces an amount equal to the principal amount of the loan. Tax form for college students Qualified stated interest (QSI). Tax form for college students   In general, this is the stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a fixed rate. Tax form for college students Example—Year 1. Tax form for college students The facts are the same as in the previous example. Tax form for college students The yield to maturity on Carol's loan is 10. Tax form for college students 2467%, compounded annually. Tax form for college students She figured the amount of points (OID) she could deduct in 2013 as follows. Tax form for college students Principal amount of the loan $100,000 Minus: Points (OID) –1,500 Issue price of the loan $98,500 Multiplied by: YTM × . Tax form for college students 102467 Total 10,093 Minus: QSI –10,000 Points (OID) deductible in 2013 $93 To figure your deduction in any subsequent year, you start with the adjusted issue price. Tax form for college students To get the adjusted issue price, add to the issue price figured in Year 1 any OID previously deducted. Tax form for college students Then follow steps (2) and (3), earlier. Tax form for college students Example—Year 2. Tax form for college students Carol figured the deduction for 2014 as follows. Tax form for college students Issue price $98,500 Plus: Points (OID) deducted  in 2013 +93 Adjusted issue price $98,593 Multiplied by: YTM × . Tax form for college students 102467 Total 10,103 Minus: QSI –10,000 Points (OID) deductible in 2014 $103 Loan or mortgage ends. Tax form for college students    If your loan or mortgage ends, you may be able to deduct any remaining points (OID) in the tax year in which the loan or mortgage ends. Tax form for college students A loan or mortgage may end due to a refinancing, prepayment, foreclosure, or similar event. Tax form for college students However, if the refinancing is with the same lender, the remaining points (OID) generally are not deductible in the year in which the refinancing occurs, but may be deductible over the term of the new mortgage or loan. Tax form for college students Points when loan refinance is more than the previous outstanding balance. Tax form for college students   When you refinance a rental property for more than the previous outstanding balance, the portion of the points allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. Tax form for college students For example, if an individual refinanced a loan with a balance of $100,000, the amount of the new loan was $120,000, and the taxpayer used $20,000 to purchase a car, points allocable to the $20,000 would be treated as nondeductible personal interest. Tax form for college students Repairs and Improvements Generally, an expense for repairing or maintaining your rental property may be deducted if you are not required to capitalize the expense. Tax form for college students Improvements. Tax form for college students   You must capitalize any expense you pay to improve your rental property. Tax form for college students An expense is for an improvement if it results in a betterment to your property, restores your property, or adapts your property to a new or different use. Tax form for college students Betterments. Tax form for college students   Expenses that may result in a betterment to your property include expenses for fixing a pre-existing defect or condition, enlarging or expanding your property, or increasing the capacity, strength, or quality of your property. Tax form for college students Restoration. Tax form for college students   Expenses that may be for restoration include expenses for replacing a substantial structural part of your property, repairing damage to your property after you properly adjusted the basis of your property as a result of a casualty loss, or rebuilding your property to a like-new condition. Tax form for college students Adaptation. Tax form for college students   Expenses that may be for adaptation include expenses for altering your property to a use that is not consistent with the intended ordinary use of your property when you began renting the property. Tax form for college students Separate the costs of repairs and improvements, and keep accurate records. Tax form for college students You will need to know the cost of improvements when you sell or depreciate your property. Tax form for college students The expenses you capitalize for improving your property can generally be depreciated as if the improvement were separate property. Tax form for college students Table 1-1. Tax form for college students Examples of Improvements Additions Bedroom Bathroom Deck Garage Porch Patio  Lawn & Grounds Landscaping Driveway Walkway Fence Retaining wall Sprinkler system Swimming pool Miscellaneous Storm windows, doors New roof Central vacuum Wiring upgrades Satellite dish Security system   Heating & Air Conditioning Heating system Central air conditioning Furnace Duct work Central humidifier Filtration system Plumbing Septic system Water heater Soft water system Filtration system  Interior Improvements Built-in appliances Kitchen modernization Flooring Wall-to-wall carpeting  Insulation Attic Walls, floor Pipes, duct work Prev  Up  Next   Home   More Online Publications
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The Railroad Retirement Board administers retirement and survivor, unemployment and sickness benefits for U.S. railroad workers and their families.

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The Tax Form For College Students

Tax form for college students Publication 51 - Additional Material Prev  Up  Next   Home   More Online Publications